$($Solving for i$)$ Kirk Van$$ Houten, who has been married for $22$years$,$ would like to buy his wife an expensive diamond ring with a platinum setting on their$30-$year wedding anniversary. Assume that the cost of the ring will be $$$$10$ comma $500$ in $8$ years. Kirk currently has $$$$4$ comma $547$ to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the$$ ring?

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Part $1$

The annual rate of return Kirk must earn on his investment to accumulate enough money to pay for the ring is

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enter your response here$\%.($Round to two decimal$$ places.$)$